Mario Monti is sworn in as Italy's new prime minister - forming a new technocrat government - tasked with fixing the country's debt crisis.br With Italy's financial woes threatening the entire euro zone, President Giorgio Napolitano swore in the 16-member government - ending a political crisis facing a country on the brink of economic disaster.br European marketwatchers are hoping Monti -- a former European Commissioner -- will bring stability to the country once dominated by the leadership of flamboyant former Prime Minister Silvio Berlusconi.br Earlier in the day Monti - presented his cabinet, which includes a mix of academics and administrators.br SOUNDBITE: Italian Prime Minister Mario Monti (Italian)br "I hope that with good and serious governance and with their (the politicians) support, me and my government can make a contribution and bring reassurance and cohesion amongst the political forces."br Attending a handover ceremony in Rome - Berlusconi handed Monti a silver bell - before departing the government building.br Monti used the bell - to open the start of his first cabinet meeting.br The former economics professor said he would bring an austerity program to the Senate on Thursday -- the beginning of crucial reforms demanded by Europe's leaders to stem a crisis at the heart of the euro zone's problems.br Sarah Irwin, Reuters.